Essar shares slump; delisting report denied

Reuters Market Eye - Shares in Essar Oil and Essar Ports slump after the companies said they have not received any proposal from promoters for a delisting of domestic shares, according to exchange filings.

Essar Oil Ltd is down 2.7 percent and Essar Ports Ltd is lower 7.3 percent, while Essar Shipping Ltd is up 4.98 percent despite the denial.

Bloomberg on Wednesday reported the conglomerate was considering delisting all of its publicly listed companies from domestic exchanges, citing unnamed people with knowledge of the matter.

Shares of all three of the listed Essar units gained 14-15 percent each in the previous session.

 

(Reporting by Abhishek Vishnoi)